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CBA restructures executive team following demerger plans

CBA restructures executive team following demerger plans

The major bank’s CEO, Matt Comyn, has today announced six appointments and changes to the group’s executive leadership team in an effort to simplify the bank’s structure after revealing plans to spin off its wealth and mortgage broking businesses.

In an ASX statement, CBA said that the appointments and restructure follow a thorough national and international search process and are an effort to install a new team to lead the bank.

Mr Comyn said that he had evaluated a large number of impressive external and internal candidates and was pleased to appoint leaders with a good balance of external experience and knowledge of CBA, and with customer focus and commitment required to support him and the board.

“This team will be critical to continuing the changes and improvements we need to make to earn the trust of our customers and the community and build a better bank for the future,” the CEO said. 

ANZ’s former head of institutional banking, Nigel Williams, has been appointed as chief risk officer and will join CBA on 5 November this year.

CBA’s former general counsel and current CRO, David Cohen, will become deputy CEO from 5 November, and Angus Sullivan will lead the retail bank as CBA’s group executive of retail banking services, which will now include Bankwest.

Pascal Boillat has been appointed as group executive enterprise services and chief information officer, Sian Lewis has been appointed as group executive human resources and Andrew Hinchliff has been named group executive institutional banking and markets. 

The update comes after CBA’s earlier announcement that it will demerge its wealth management and mortgage broking businesses into a separate business that will list on the ASX and “pursue its own growth strategies”.

CBA restructures executive team following demerger plans
CBA, Commonwealth Bank of Australia
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